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Anglo Asian Mining building new decline in Azerbaijan

Finance Materials 18 July 2020 11:49
Anglo Asian Mining building new decline in Azerbaijan

BAKU, Azerbaijan, July 18

By Nargiz Ismayilova – Trend:

Anglo Asian Mining PLC, the gold, copper and silver producer focused in Azerbaijan, opened a new portal and is constructing a new decline of approximately 500 meters to access the high-grade extension of the ore body under the main open pit at the Gadabay field, Trend reports referring to the company’s report.

"It is anticipated the decline will be completed around the end of the current quarter depending on the hardness of rock encountered. It will join the tunnel currently being constructed from the Gadir underground mine to give the two egresses required to commence mining. It is expected underground mining of Gadabay ore will begin in the 4th quarter of 2020," the report said.

According to the company, around 100,000 tons of previously heap leached ore containing gold grades greater than two grams per ton has been identified.

"This ore, which was processed in the early years of the company's life, will be recovered from the old heaps and retreated by agitation leaching in the second half of 2020. The final lift of the tailings dam wall is almost complete, which is releasing earth-moving equipment that will be transferred to this task," the report added.

Anglo Asian Mining PLC develops six deposits in southwestern Azerbaijan including Gadabay, Ordubad, Goshabulag, Gizilbulag, Vejnali and Soyudlu on the basis of a PSA-type agreement signed with the Azerbaijani government in August 1997.

In May 2014, Anglo Asian Mining and the Swiss group Industrial Minerals SA signed a three-year agreement to sell copper concentrate mined at the Gadabay field in Azerbaijan. In March 2016, a second contract was signed, which was valid until the end of 2018, for the sale of copper concentrate produced at the company's flotation plant.

The gold produced in the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government’s account.

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